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What bills to pay first?

Say your really really broke now but have never been late on a bill, well now it's come down to paying some late. How do you choose which bills to pay on time and which to pay late? Say you have a car payment, house payment, cells, and credit card bills..which one do you pay first? Do you choose by picking one that has the littlest late fee or w hat? What happens if you pay your credit card bill late?

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Anonymous

Asked by Anonymous at 1:53 PM on Aug. 28, 2009 in Money & Work

Answers (22)
  • Personally if I was in the situation, I would worry about the things that I needed. I need a house and car to go to work. I could live without a cell phone if it came down to it getting turned off and the credit cards companies will work with you some. I hope that helps.
    mommytoangel407

    Answer by mommytoangel407 at 1:57 PM on Aug. 28, 2009

  • I agree with the other person. Pay the house and then the car and then the others. The credit card will basically only charge a late fee. Make sure to call all the companies and tell them about the situation and most will try and help you out by extending payments or by making a bridge payment.
    firewinky38

    Answer by firewinky38 at 2:02 PM on Aug. 28, 2009

  • I agree with PP. Also, some utility companies will work with you as well. Some car companys do too. Just pay whats most important and the ones that are low on the list, call and see if they'll make an arrangement with you. If you've never been late, they might even be more willing since they know you're a good customer.
    MommyLee08

    Answer by MommyLee08 at 2:03 PM on Aug. 28, 2009

  • Pay your mortgage first. cut up your credit cards.

    The Dept of Justice has put together a database of credit counseling/debt consolidation orgs with the DOJ stamp of approval-
    http://www.usdoj. gov/ust/eo/ bapcpa/ccde/
    rkoloms

    Answer by rkoloms at 2:07 PM on Aug. 28, 2009

  • I would definitely pay my house and car. You need a place for you and your family to live. You need a car to go to work so you can make money to pay for your home and food.
    Jguevara

    Answer by Jguevara at 2:08 PM on Aug. 28, 2009

  • Food and home are first, call all other creditors and ask for some kind of relief. credit cards last, sure your credit is going to suck, but it sounds like you are past worrying about that.
    Anonymous

    Answer by Anonymous at 2:20 PM on Aug. 28, 2009

  • House comes first. Even without utilities or a car, a roof is a great thing to have. Food & car come second... And utilities third...
    SabrinaMBowen

    Answer by SabrinaMBowen at 2:36 PM on Aug. 28, 2009

  • Your home comes first, then food, then car, then utilities. Cancel anything that isn't a complete necessity like cable, phones, internet. Cut the credit cards up, when you are in trouble already you don't need to make more trouble for yourself. If the credit cards don't get paid right now, oh well, they can wait until you have the money. What happens when you pay them late is they tack on a very hefty late fee and they raise your % to the highest max. But if you are faced with losing your home, cc's don't matter. I would call the credit card companies and explain to them that you are having some difficulties and work out some kind of payment system that you can manage that doesn't cut into your roof and food. Something that involves closing the account and also keeping you from getting those hefty late fees. GL
    slw123

    Answer by slw123 at 2:51 PM on Aug. 28, 2009

  • Also Dave Ramsey is a great financial guy. Read his book The Total Money Makeover. Don't buy it, check it out at the library. There is also an awesome group on here called Dave Ramsey Fans. You can post your questions there and get very good advice!
    slw123

    Answer by slw123 at 2:52 PM on Aug. 28, 2009

  • I'm the original poster...I have another question. If I don't pay my CC will I get charged a late fee every day making it impossible for me to ever catch up and making my bill go higher and higher? Or it's just a late fee once a month? I know my interest rate will go sky high, but if I don't have the money to pay them then I just don't have the money ya know.
    Anonymous

    Answer by Anonymous at 2:57 PM on Aug. 28, 2009

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